Canadian Stocks Move Modestly Lower, Pulling Back Further Off Recent Highs

(RTTNews) - Following the moderate pullback seen in the previous session, Canadian stocks have seen some further downside during trading on Friday.

The benchmark S&P/TSX Composite Index has dipped 42.54 points or 0.2 percent to 20,886.84, continuing to give back ground after reaching its best closing level in well over a year on Wednesday.

The modest weakness on Bay Street may partly reflect profit taking, as some traders look to cash in on the recent strength in the markets.

Selling pressure has remained relatively subdued, however, with traders seemingly reluctant to make more significant moves on the final trading day of 2023.

Healthcare stocks have shown a significant move to the downside on the day, dragging the S&P/TSX Capped Health Care Index down by 1.2 percent.

Decreases in metal prices are also weighing on materials stocks, while weakness is also visible among technology stocks.